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John Roesch Inc. was incorporated in 2013 to operate as a computer software service firm with an accounting fiscal year ending August 31. Roesch's primary product is a sophisticated online inventory-control system; its customers pay a fixed fee plus a usage charge for using the system. Roesch has leased a large, Alpha-3 computer system from the manufacturer. The lease calls for a monthly rental of $40,000 for the 144 months (12 years) of the lease term. The estimated useful life of the computer is 15 years. All rentals are payable on the first day of the month beginning with August 1, 2014, the date the computer was installed and the lease agreement was signed. The lease is noncancelable for its 12-year term. Roesch can purchase the Aplpha-3 system from the manufacturer at the end of the 12-year lease term for 75% of the computer's fair value. This lease is to be accounted for as a capital lease by Roesch, and it will be depreciated by the straight-line method with no expected salvage value. Borrowed funds for this type of transaction would cost Roesch 12% per year (1% per month). Following is a schedule of the present value of $1 for selected periods discounted at 1% per period when payments are made at the beginning of each period. Periods Present Value of $1 per Period (months) Discounted at 1% per Period 1 1.000 2 1.990 3 2.970 143 76.658 144 76.899
Following are the steps in the accounting cycle, arrange the steps in the proper sequence.
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Which one is not a main objective of financial reporting on SFAC 1?
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The accountant of Whitney Houston Shoe Co. has compiled the following information from the company's records as a basis for an income statement for the year ended December 31, 2007- Prepare a multiple-step income statement. Prepare a single-step in..
Which of the following statements concerning interim financial reports is incorrect?
If direct materials for one unit of product are $9.00, direct labor for one hour is $15.00, manufacturing overhead costs are $5.00 per direct labor hour, and one-fourth hour of direct labor is required to produce one unit of product, how much are ..
Ethnics are an important aspect of corporate culture.
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